NEWARK, N.J. (CBSNewYork/AP) — New Jersey’s largest utility company believes customers will pay less for electricity and natural gas even if the company gets permission to spend $4 billion to upgrade its system over the next decade.

Public Service Electric & Gas said residential customers will pay $1 less a month in 2018 than they do now if natural gas prices remain at current levels.

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PSE&G announced last month its plan for a series of major upgrades to try to insulate its infrastructure from being kept offline by future storms.

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The company gave more details Wednesday, saying bills would go up slightly over the next two years before dropping in 2016 and 2017.

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